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Winchester, UK - Total, one of the world's international oil and gas companies with activities in more than 130 countries, has signed bilateral R&D and cooperation agreements with Konarka Technologies, Inc., the developer of Power Plastic, a material that converts light to energy.
Already present in solar energy through its interest in Photovoltech and Tenesol, Total intends to step up its crystalline silicon-based cell production. The new deal with Konarka will enable the oil and gas multinational to grow in the thin film solar cell sector.
Konarka has secured $45 million in funding and Total will become the leading shareholder with its stake being slightly less than 20 percent. Konarka will work on developing new components for its products with Total's chemical subsidiaries - Atotech, Bostik, Hutchinson, Sartomer and Total Petrochemicals USA.
"This is a very substantial and significant investment from a major global energy corporation," commented Howard Berke, executive chairman and co-founder of Konarka. "This strategic alignment will give Konarka access to a new strength of resources, assets and operations from around the world. Through the agreements, Konarka will be very instrumental in helping Total to secure its future in solar energy by facilitating the growth of its solar thin film segment of the company's renewable energy business."
Following the transaction, Philippe Boisseau, president, Total Gas & Power, stated: "This investment positions Total strategically to secure the future of solar energy while expanding its technological portfolio."
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